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The Hindu
13-05-2025
- Business
- The Hindu
BJP holds memorial meet for Sushil Kumar Modi on first death anniversary
The Bihar unit of the Bharatiya Janata Party (BJP) on Monday organised a memorial meeting at Rabindra Bhavan to mark the first death anniversary of former Deputy Chief Minister Sushil Kumar Modi, who was posthumously awarded the Padma Bhushan earlier this year. Bihar BJP President Dilip Jaiswal, along with Deputy Chief Ministers Samrat Choudhary and Vijay Kumar Sinha, attended the ceremony, which was also marked by the presence of several senior leaders and party workers. Floral tributes were paid to a portrait of the late leader, as attendees recalled his political journey and contribution to Bihar's governance. Speaking on the occasion, Mr. Jaiswal described it as a privilege to have worked alongside Mr. Modi. 'His understanding of the party organisation and the dedication of its workers was unmatched. Despite being a senior leader, he maintained deep respect for grassroots workers and never hesitated to visit them in times of personal grief,' he said. Recalling Mr. Modi's approach to leadership, Mr. Jaiswal characterised him as a disciplined and thoughtful figure, someone who refrained from forming opinions without due consideration. 'He was a storehouse of knowledge, particularly in governance,' he added. Among those present were Bihar Legislative Assembly Speaker Nand Kishore Yadav, Legislative Council chairman Awadhesh Narayan Singh, MPs Janardan Singh Sigriwal, Vivek Thakur, Dharmshila Gupta, BJP general secretary (organisation) Bhikhubhai Dalsania, and State Ministers Mangal Pandey, Prem Kumar, Nitin Naveen, Jeevesh Mishra, and Sanjay Saraogi. Deputy Chief Minister Samrat Choudhary, in his address, credited Mr. Modi with playing a pivotal role in shaping and strengthening the BJP and the National Democratic Alliance in Bihar. 'He was a key architect of the party in the State. His work laid the foundation for a new generation of leadership,' he said. Mr. Choudhary also highlighted Mr. Modi's influence on financial policymaking. 'He understood the nuances of the Finance Department like few others. It was on his suggestion that I accepted the Finance portfolio, keeping the party's interest in mind,' he added. Recalling Mr. Modi's time as Leader of the Opposition, Mr. Choudhary said his interventions often created a stir in the Assembly. 'When he brought papers to the House, it was understood that a major issue or irregularity was about to be raised.' In a separate event held at Rajendra Nagar, Chief Minister Nitish Kumar also paid floral tribute to the late leader. He unveiled a commemorative plaque and renamed the erstwhile Rani Park as Sushil Kumar Modi Memorial Park. The Chief Minister further announced the installation of a life-size statue of Mr. Modi at the park.
Time of India
13-05-2025
- Politics
- Time of India
Contributions of Sushil Kr Modi recalled on his first death anniversary
Patna: On the first death anniversary of former deputy CM Sushil Kumar Modi , the state govt on Tuesday dedicated a park located near his house in Rajendra Nagar locality in his memory. While attending a function held at the park, CM Nitish Kumar unveiled the plaque through a remote control. He also announced that a life-size statue of Sushil Kumar Modi would be installed in the park that has been renamed as Sushil Kumar Modi Memorial Park .CM and Sushil Kumar Modi had been political companions for over five decades since the 1974 students' stir in the state that was led by Jayaprakash Narayan (JP). Sushil Kumar Modi was also his deputy-cum-finance minister for 10 years till 2020 in the NDA govt that Nitish led from Nov 2005. As the state's finance minister, Sushil Kumar Modi had headed the state finance ministers' panel in the course of framing the goods and services tax ( GST ). He, later, became Rajya Sabha member, but continued to influence the state's politics and also the party.A number of ministers and Sushil Kumar Modi's wife Jessie George participated in the function held at the park. The participants included deputy CMs Samrat Choudhary and Vijay Kumar Sinha, ministers Vijay Kumar Choudhary, Prem Kumar, Mangal Pandey, Nitin Nabin, Sanjay Saraogi, Kedar Prasad Gupta, as well as Rajya Sabha member Sanjay Kumar Jha and MP Vivek Thakur, BJP's local MLAs and Patna Municipal Corporation (PMC) mayor Sita this occasion, the state BJP also organised a separate function at Rabindra Bhavan and recalled his contributions, besides his administrative and financial management skills, political acumen and social work. On this occasion, George recalled the long friendship between Nitish and state chief Dilip Kumar Jaiswal recalled how Modi cared for the party and groomed its workers, while deputy CM Choudhary said that he was the architect of both the party and the NDA in the state.
Time of India
12-05-2025
- Business
- Time of India
Macrotech Developers 'seriously' looking for land to enter Delhi-NCR
NEW DELHI: Realty firm Macrotech Developers Ltd plans to enter the Delhi-NCR residential market and is "seriously" looking to acquire a land parcel to build group housing projects, as this region presents huge opportunities for growth, a senior company official said. Mumbai -based Macrotech Developers, which sells properties under the 'Lodha brand', is one of the leading real estate firms in the country. At present, the company has a presence in the Mumbai Metropolitan Region (MMR), Pune and Bengaluru. In an interview with PTI, Macrotech Developers Executive Director- Finance Sushil Kumar Modi said the company has entered into a growth phase in Bengaluru, and now it is in a position to do some pilot projects in a new city. When asked about the Delhi-NCR housing market, he said, "Delhi-NCR is something which we are seriously looking at. We are looking for land. We like the market. We know that the NCR market has its own nuances so we will be more cautious". "The NCR market is very large and it's worthwhile for a brand like Lodha to get in there and slowly build the business," Modi observed. He said the company is in discussions with land owners to acquire land, and hopes to conclude at least one land deal this fiscal. Modi, however, said the company would do pilot projects to begin with for a better understanding of the market before shifting the gear to growth mode. He said the company will see an "exponential growth" in Pune and Bengaluru markets from this fiscal year onwards. Macrotech Developers has already bought a land parcel in Gurugram last fiscal to develop an industrial and logistics park. Delhi-NCR and the MMR are the two biggest residential markets in the country. Many developers from the South and Western regions have entered the Delhi-NCR housing markets. Godrej Properties already has a strong presence, while Sobha, Shapoorji Pallonji Group, Birla Estates and Adani Realty have built a few projects. Recently, Prestige Group has launched its first housing project in Delhi-NCR, while Oberoi Realty last year acquired a land parcel in Gurugram. Among local companies, real estate major DLF, Signature Global, M3M group, Ashiana Housing, Gaurs Group and ATS Group have a significant presence in Delhi-NCR. Macrotech Developers has been aggressively acquiring land parcels to expand its business. In the 2024-25 fiscal year, the company acquired 10 land parcels to develop residential projects with an estimated revenue potential of Rs 23,700 crore. "Last fiscal year, we invested Rs 7,000 crore for new business development. To add new projects worth Rs 25,000 crore this fiscal, we will have to invest more than Rs 8,000 crore," Modi said. For joint development agreements (JDAs) with landowners, the company has to make some upfront payments to landowners. On other operational metrics, Modi said the company has given guidance of Rs 21,000 crore worth of sale bookings for this fiscal, almost 20 per cent higher than the 2024-25 fiscal. Last month, the company had reported a 21 per cent increase in its sale bookings during 2024-25 to a record Rs 17,630 crore from Rs 14,520 crore in the 2023-24. Macrotech Developers plans to launch housing projects worth Rs 19,000 crore across MMR, Pune and Bengaluru markets during this fiscal as it remains bullish about the growth prospects in the Indian real estate sector. In the last fiscal, the company launched projects worth Rs 14,000 crore. On the financial front, Macrotech Developers' net profit increased to Rs 2,764.3 crore in 2024-25 fiscal from Rs 1,549.1 crore in the preceding year. Total income grew to Rs 14,169.8 crore last fiscal from Rs 10,469.5 crore in the 2023-24. Macrotech Developers has delivered around 100 million square feet of real estate so far and is currently developing more than 110 million square feet under its ongoing and planned portfolio.
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Business Standard
04-05-2025
- Business
- Business Standard
Macrotech Developers to launch Rs 19k crore housing projects this fiscal
Realty firm Macrotech Developers Ltd plans to launch housing projects worth Rs 19,000 crore across Mumbai Metropolitan Region, Pune and Bengaluru during this fiscal as it seeks to expand business amid strong demand for residential properties. Mumbai-based Macrotech Developers, which sells properties under 'Lodha brand', is one of the leading real estate firms in the country. In an interview with PTI, Macrotech Developers Executive Director- Finance Sushil Kumar Modi said the company remains bullish about the growth prospects in Indian real estate sector and will keep investing to expand business. "In the last fiscal, we launched around 10 million square feet area with a Gross Development Value (GDV) of around Rs 14,000 crore spread across 24 projects," he said. Modi said the company would launch 17 housing projects in the current fiscal covering 13 million square feet area and an estimated sales booking potential of Rs 19,000 crore. These projects will be launched across MMR, Pune, Bengaluru. Modi said the company is targeting exponential growth in sale bookings in Bengaluru and Pune markets. He said the company clocked Rs 2,500 crore worth of pre-sales in Pune in 2024-25 as against Rs 1,800 crore in the preceding year. In Bengaluru, Modi said the company sold properties of about Rs 800 crore last fiscal and is targeting to double it in 2025-26. To create land bank for future development, Modi said the company plans to invest more than Rs 8,000 crore this fiscal to acquire land parcels in MMR, Pune and Bengaluru. He said the company has set a target of acquiring multiple land parcels this financial year to develop projects, which can generate a revenue of Rs 25,000 crore. Under the new business development, Macrotech Developers purchases land outright and also partners with landowners. In 2024-25 fiscal, the company acquired 10 land parcels with an estimated revenue potential of Rs 23,700 crore. "Last fiscal year, we invested Rs 7,000 crore for new business development. "To add new projects worth Rs 25,000 crore, we will have to invest more than Rs 8,000 crore in the current fiscal," Modi said. For joint development agreements (JDAs) with landowners, the company has to make some upfront payments to landowners. On other operational metrics, Modi said the company has given a guidance of Rs 21,000 crore worth of sale bookings for this fiscal, almost 20 per cent higher than the 2024-25 fiscal. Earlier this month, the Mumbai-based firm had reported a 21 per cent increase in its sale bookings during 2024-25 fiscal to a record Rs 17,630 crore from Rs 14,520 crore in the 2023-24 financial year. The pre-sales guidance for 2024-25 was Rs 17,500 crore. On financial front, Macrotech Developers reported a 38 per cent increase in its consolidated net profit to Rs 921.7 crore in the latest quarter ended March, aided by higher income. Its net profit stood at Rs 665.5 crore in the year-ago period. Total income rose to Rs 4,420.3 crore in the fourth quarter of the last fiscal from Rs 4,083.9 crore in the corresponding period of the preceding year. Net profit increased to Rs 2,764.3 crore in 2024-25 fiscal from Rs 1,549.1 crore in the preceding year. Total income grew to Rs 14,169.8 crore last fiscal from Rs 10,469.5 crore in the 2023-24. Macrotech Developers has delivered around 100 million square feet of real estate so far and is currently developing more than 110 million square feet under its on-going and planned portfolio.
Time of India
04-05-2025
- Business
- Time of India
Macrotech Developers to launch Rs 19,000-crore housing projects in FY26 amid robust demand
Real estate major Macrotech Developers Ltd , known for its 'Lodha' brand, is set to launch residential projects worth Rs 19,000 crore during the current financial year across the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, in a move to capitalise on the strong demand in the housing sector. In an interview with PTI, Macrotech Developers Executive Director – Finance, Sushil Kumar Modi, said the company remains optimistic about the Indian real estate sector and will continue to invest significantly to fuel its growth. "In the last fiscal, we launched around 10 million square feet area with a Gross Development Value (GDV) of around Rs 14,000 crore spread across 24 projects," Modi stated. This fiscal, the company plans to launch 17 residential projects, covering 13 million square feet and with an estimated sales booking potential of Rs 19,000 crore. The upcoming launches will be concentrated in MMR, Pune, and Bengaluru. Macrotech is eyeing significant growth in Bengaluru and Pune. In Pune, it achieved pre-sales worth Rs 2,500 crore in 2024-25, up from Rs 1,800 crore the previous year. In Bengaluru, the company recorded sales of Rs 800 crore last fiscal and aims to double that in 2025-26. To secure future development, the company plans to invest over Rs 8,000 crore this fiscal in acquiring land parcels in MMR, Pune, and Bengaluru. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo "We have set a target of acquiring multiple land parcels this financial year to develop projects, which can generate a revenue of Rs 25,000 crore," Modi said. In 2024-25, Macrotech acquired 10 land parcels with a revenue potential of Rs 23,700 crore. 'Last fiscal year, we invested Rs 7,000 crore for new business development. To add new projects worth Rs 25,000 crore, we will have to invest more than Rs 8,000 crore in the current fiscal,' Modi added. The company uses both outright purchases and joint development agreements (JDAs) with landowners, involving upfront payments in the latter model. For FY26, Macrotech has given a guidance of Rs 21,000 crore in sale bookings, a nearly 20 per cent increase over the previous fiscal. Earlier this month, the company announced it had achieved record sale bookings of Rs 17,630 crore in FY25, up 21 per cent from Rs 14,520 crore in FY24, surpassing its own guidance of Rs 17,500 crore. On the financial front, the company reported a 38 per cent year-on-year increase in consolidated net profit to Rs 921.7 crore for the March quarter, driven by higher income. Net profit was Rs 665.5 crore in the corresponding quarter of the previous year. For the full 2024-25 fiscal, net profit rose to Rs 2,764.3 crore from Rs 1,549.1 crore in the previous year. Total income increased to Rs 14,169.8 crore, up from Rs 10,469.5 crore in FY24. Macrotech Developers has delivered approximately 100 million square feet of real estate to date and is currently developing over 110 million square feet across ongoing and upcoming projects. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
